Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

January 09, 2015 08:15 ET

December 2014 Housing Starts in Winnipeg

WINNIPEG, MANITOBA--(Marketwired - Jan. 9, 2015) - Housing starts in the Winnipeg Census Metropolitan Area (CMA) were trending at 4,652 units in December compared to 4,806 in November, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR)(1) of total housing starts.

"Since peaking in September, the trend in total housing starts in Winnipeg continued to moderate in December as production slowed in both the single-detached and multi-family sectors. Builders have slowed the pace of construction in recent months in response to higher inventories, particularly in the multi-family sector," said Dianne Himbeault, CMHC's Senior Market Analyst for Winnipeg.

CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and obtain a more complete picture of the state of the housing market. In some situations, analyzing only SAAR data can be misleading in some markets, as they are largely driven by the multiples segment of the markets which can be quite variable from one month to the next.

The standalone monthly SAAR increased to 3,034 units in December from 2,459 units in November, supported by a relatively strong performance in the multi-family sector. Actual housing starts were lower on a year-over-year basis with both single-detached and multi-family sectors registering decreases compared to December 2013. This contributed to a reduction in the annual total, as overall housing starts for 2014 were 10 per cent lower than in 2013.

Preliminary Housing Starts data is also available in English and French at the following link: Preliminary Housing Starts Tables.

As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and advice to Canadian governments, consumers and the housing industry.

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(1) All starts figures in this release, other than actual starts and the trend estimate, are seasonally adjusted annual rates (SAAR) - that is, monthly figures adjusted to remove normal seasonal variation and multiplied by 12 to reflect annual levels. By removing seasonal ups and downs, seasonal adjustment allows for a comparison from one season to the next and from one month to the next. Reporting monthly figures at annual rates indicates the annual level of starts that would be obtained if the monthly pace was maintained for 12 months. This facilitates comparison of the current pace of activity to annual forecasts as well as to historical annual levels.

Additional data is available upon request

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Tables and a graph are available at the following address: http://media3.marketwire.com/docs/986879a.pdf

Contact Information

  • Market Analysis Contact:
    Dianne Himbeault, Senior Market Analyst
    (204) 318-1754
    dhimbeau@cmhc.ca

    Media Contact:
    Renee Nat, Communications Consultant
    (403) 515-2963
    rnat@cmhc.ca